This paper intends to explore the so-called ‘Identity Problem’ of Area Studies with special reference its ‘parsimony’ as a discipline in the course of conducting survey on the present status of area studies in Korea. Since early 1990s, area studies in Korea has attained a great deal of progress both in quality and quantity, mainly due to financial support from the Government which was done under its project of ‘globali zation.’ From the year 2001, however, the ‘boom’ of area studies began to subside, when the Government’s Five-year Support Program expired and further financial supports were discontinued at the time. Apart from the financial support of the Government, area studies and its academic research in Korea has a long way to go, especially in terms of building up a ‘disciplinary identity,’ in its own right. It should be note here that area studies is not a typical discipline, but an interdisciplinary or multidisciplinary course work. In the United States where the present day area studies began to germinate in the late 1940s, many area specialists with their various scholarly background had a ray of hope that they would realize a dream of ‘interdisciplinary science’ through co-workings between and among themselves. But this hope has had to give way to a more decent goal of ‘multidi sciplinary’ study, as opposed to ‘interdisciplinary.’ For the sake of ‘parsimony’ in the field of area studies, it is utterly important for us to set up first a course work model and analytic framework, both in education and research, respectively. It is because without a due process of study method among scholars involved, we can not obtain a goal of academic objectivity. Last but not least, in order to stave off the financial predicament facing us in the academia of area studies, we have to find ways in which academia may supply business sector with a useful knowledge in return for their financial support, so that entrepreneur will appreciate it, while doing business worldwide. This could be a win-win game for both academia and industry, and would be another paragon of ‘Industry-Academia Cooperation’ program.